Nucor Corporation announced consolidated net earnings attributable to stockholders of $156 million, or $0.67 per diluted share, for the first quarter of 2025. This represents a decrease from $287 million, or $1.22 per diluted share, in the fourth quarter of 2024 and a significant decline from $845 million, or $3.46 per diluted share, in the first quarter of 2024.
Adjusted net earnings, excluding $29 million in one-time charges related to facility closures or repurposing, were $179 million, or $0.77 per diluted share. Consolidated net sales for the quarter were $7.83 billion, an 11% increase from Q4 2024 but a 4% decrease from Q1 2024. Total tons shipped to outside customers increased 13% sequentially to 6,830,000 tons.
Steel mills segment earnings increased from Q4 2024 due to higher volumes, while steel products segment earnings decreased due to lower average selling prices. Raw materials segment earnings also declined due to lower margins at scrap processing and DRI facilities. Pre-operating and start-up costs for growth projects were $170 million, or $0.56 per diluted share.
Nucor maintained a strong liquidity position with $4.06 billion in cash and short-term investments. The company's revolving credit facility was amended on March 11, 2025, increasing borrowing capacity to $2.25 billion and extending maturity to March 11, 2030. For the second quarter of 2025, Nucor expects earnings to increase meaningfully across all three operating segments, driven by higher average selling prices in sheet and plate mills.
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